News of LondonMetric Property’s (LMP) acquisition of smaller rival A&J Mucklow should have come as little surprise, in a time when urban logistics landlords seek to snap up extra space in a constrained market. Given the solid rental growth reported by both LondonMetric and its target, the disposal of £1.3m of shares by non-executive chairman Patrick Vaughan earlier this month should not cause investors alarm. Mr Vaughan retains a 1.38 per cent stake in the group.
The rise in ecommerce and high cost of new build has helped push net rental income higher and yields down for the commercial landlord. Last year the group generated a total accounting return of 10.7 per cent, outperforming the IPD All-Property index by 4.4 percentage points.
Given the challenges faced by bricks-and-mortar retailers, management has been unsurprisingly reducing its exposure to shopping centres and high-street locations in favour of so-called ‘last mile’ delivery warehouses. Following its takeover of A&J Mucklow, distribution and industrial assets will comprise 72 per cent of the portfolio.
Buys | |||||||
Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
ASOS | Nicholas Beighton (ceo) | 19 Jul 2019 | 2,369 | 2,105 | 49,867 | 169,903 | 0.203 |
ASOS | Adam Crozier (ch) | 18 Jul 2019 | 4,200 | 2,383.90 | 100,124 | 7,950 | 0.009 |
Audioboom | Michael Tobin (ch) | 24 Jul 2019 | 6,122 | 240 | 14,693 | 139,665 | 0.997 |
Barr (A G) ♥ | Stuart Lorimer (fd) | 23 Jul 2019 | 684 | 616.6 | 4,218 | 47,678 | 0.042 |
Barr (A G) | Stuart Lorimer (fd) | 22 Jul 2019 | 6,496 | 617.8698 | 40,137 | 43,760 | 0.038 |
Barr (A G) ♥ | Stuart Lorimer (fd) | 23 Jul 2019 | 3,234 | 617.8753 | 19,982 | 46,994 | 0.041 |
Cropper (James) ♥ | David Wilks | 18 Jul 2019 | 1,291 | 1,050 | 13,556 | 66,242 | 0.693 |
Crystal Amber Fund ♥ | Christopher Waldron (ch) | 22 Jul 2019 | 5,000 | 200 | 10,000 | 20,000 | 0.021 |
Dods * | Simon Presswell (ceo) | 18 Jul 2019 | 153,846 | 6.5 | 10,000 | 272,357 | 0.050 |
Dods * | Mark Smith | 18 Jul 2019 | 394,895 | 6.5 | 25,668 | 621,067 | 0.110 |
Dods * | Nitil Patel (cfo) | 18 Jul 2019 | 153,846 | 6.5 | 10,000 | 292,143 | 0.050 |
Dods * | Richard Boon | 18 Jul 2019 | 769,230 | 6.5 | 50,000 | 769,230 | 0.140 |
Fevertree Drinks | Kevin Havelock | 24 Jul 2019 | 13,298 | 2,177 | 289,497 | 47,038 | 0.041 |
Henderson Alternative Strategies Trust | Graham Oldroyd | 23 Jul 2019 | 90,000 | 274.7 | 247,230 | 105,000 | 0.271 |
Henderson Opportunities Trust | Peter Jones (ch) | 18 Jul 2019 | 1,500 | 969.74 | 14,546 | 17,500 | 0.221 |
Homeserve | Stella David | 24 Jul 2019 | 28,395 | 1,144.53 | 324,989 | 97,340 | 0.029 |
IG Group | June Felix (ceo) | 23 Jul 2019 | 25,800 | 576.56 | 148,752 | 69,500 | 0.019 |
Jersey Oil and Gas | Vicary Gibbs (cfo) | 22 Jul 2019 | 12,053 | 98.7 | 11,896 | 16,500 | 0.076 |
Jersey Oil and Gas | Ronald Lansdell (coo) | 22 Jul 2019 | 50,000 | 113 | 56,500 | 1,000,000 | 4.581 |
Jersey Oil and Gas | Marcus Stanton (ch) | 23 Jul 2019 | 5,808 | 185.5 | 10,774 | 70,000 | 0.321 |
Karelian Diamond Resources | Richard Conroy (ch) | 18 Jul 2019 | 650,000 | 4.21 | 27,365 | 5,556,311 | 15.021 |
Kore Potash * | David Hathorn (ch) | 19 Jul 2019 | 19,717,643 | 1.6 | 315,482 | 42,903,998 | 2.842 |
Kore Potash * | Brad Sampson (ceo) | 19 Jul 2019 | 2,464,705 | 1.6 | 39,435 | 2,464,705 | 0.163 |
Learning Technologies | Leslie-Ann Reed | 23 Jul 2019 | 271,646 | 114.29 | 310,464 | 6,458,180 | 0.967 |
LoopUp | Michael Hughes (co-ceo) | 18 Jul 2019 | 15,833 | 157.5 | 24,937 | 2,473,127 | 4.486 |
LoopUp | Barbara Judge (ch) | 18 Jul 2019 | 9,500 | 160 | 15,200 | 52,254 | 0.095 |
LoopUp | Stephen Flavell (co-ceo) | 18 Jul 2019 | 9,296 | 161.35 | 14,999 | 2,536,590 | 4.601 |
LoopUp | Keith Taylor | 18 Jul 2019 | 10,000 | 161.9 | 16,190 | 18,500 | 0.034 |
LoopUp | Keith Taylor | 18 Jul 2019 | 8,500 | 162 | 13,770 | 8,500 | 0.015 |
Mereo BioPharma | Peter Bains | 24 Jul 2019 | 47,500 | 42 | 19,950 | 206,796 | 0.211 |
Mereo BioPharma | Denise Scots-Knight (ceo) | 18 Jul 2019 | 8,000 | 45 | 3,600 | 876,199 | 0.894 |
Mereo BioPharma † | Denise Scots-Knight (ceo) | 18 Jul 2019 | 10,000 | 0.518 | 5,180 | 886,199 | 0.905 |
Moneysupermarket.com | Robin Freestone (ch) | 22 Jul 2019 | 20,000 | 363 | 72,600 | 40,000 | 0.007 |
Photo-Me International | Serge Crasnianski (ceo) | 18 Jul 2019 | 200,000 | 90.27 | 180,540 | 84,810,701 | 22.436 |
Robinson | Alan Raleigh (ch) | 18 Jul 2019 | 36,145 | 83 | 30,000 | 36,145 | 0.218 |
Robinson | Martin McGee (ceo) | 18 Jul 2019 | 24,096 | 83 | 20,000 | 24,096 | 0.145 |
Robinson | Sara Halton | 18 Jul 2019 | 12,049 | 83 | 10,001 | 12,049 | 0.073 |
RockRose Energy | John Morrow | 24 Jul 2019 | 1,070 | 1,867.61 | 19,983 | 214,325 | 1.637 |
RockRose Energy | John Morrow | 24 Jul 2019 | 447 | 1,869.08 | 8,355 | 213,255 | 1.629 |
Scientific Digital Imaging ♥ | Isabel Napper | 18 Jul 2019 | 10,000 | 50.2 | 5,020 | 65,472 | 0.067 |
Scientific Digital Imaging | Isabel Napper | 18 Jul 2019 | 20,000 | 50.7 | 10,140 | 55,472 | 0.057 |
Scientific Digital Imaging | Jonathan Abell (cfo) | 19 Jul 2019 | 40,392 | 51.1 | 20,640 | 100,000 | 0.103 |
Scientific Digital Imaging | Ken Ford (ch) | 18 Jul 2019 | 50,000 | 54.9999 | 27,500 | 1,500,000 | 1.543 |
Shaftesbury | Richard Akers | 23 Jul 2019 | 2,000 | 810.38 | 16,208 | 9,000 | 0.003 |
Ventus VCT | Josephine Dixon | 18 Jul 2019 | 20,000 | 112 | 22,400 | 30,000 | 0.184 |
Sells | |||||||
Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
Berkeley Group (The) | Anthony Pidgley ch) | 18 Jul 2019 | 1,000,000 | 3,720 | 37,200,000 | 3,567,939 | 2.800 |
LondonMetric Property | Patrick Vaughan (ch) | 19 Jul 2019 | 435,000 | 207 | 900,450 | 11,815,000 | 1.407 |
LondonMetric Property | Patrick Vaughan (ch) | 19 Jul 2019 | 50,000 | 205 | 102,500 | 11,765,000 | 1.401 |
LondonMetric Property | Patrick Vaughan (ch) | 19 Jul 2019 | 7,397 | 205.5 | 15,201 | 11,757,603 | 1.400 |
LondonMetric Property | Patrick Vaughan (ch) | 19 Jul 2019 | 44,269 | 205.7 | 91,061 | 11,713,334 | 1.395 |
LondonMetric Property | Patrick Vaughan (ch) | 19 Jul 2019 | 35,000 | 205.8 | 72,030 | 11,678,334 | 1.390 |
LondonMetric Property | Patrick Vaughan (ch) | 19 Jul 2019 | 78,334 | 205.6 | 161,055 | 11,600,000 | 1.381 |
Paragon Banking | Hugo Tudor | 23 Jul 2019 | 50,000 | 450.271 | 225,136 | 125,000 | 0.048 |
Polar Capital Technology Trust | Peter Hames | 23 Jul 2019 | 3,000 | 1421.7 | 42,651 | 3,000 | 0.002 |
Rosslyn Data Technologies | Charles Clark | 23 Jul 2019 | 150,000 | 7 | 10,500 | 9,726,415 | 5.042 |
*Placing/tender/open offer/right issue ♥ spouse/connected party | |||||||
†American depositary shares |